The statistics on average retirement savings caught our attention. We thought you might appreciate seeing how your savings compare to the averages.
According to Fidelity, the average retirement savings for Americans, by age:
Age 20 to 29: $15,000
Age 30 to 39: $50,800
Age 40 to 49: $120,800
Age 50 to 59: $203,600
Age 60 to 69: $229,100
Who has saved more, and how?
A recent Vanguard study found that investors who worked with a financial advisor for 25 years (despite fees paid to the advisor) had investments averaging $3.4 million vs. an average of $1.69 million for those not working with an advisor.
Northwestern Mutual found that 71% of U.S. adults admit their financial planning needs improvement, however, as posted by Statista in 2020, only 29% of Americans (less than 1 in 3), work with a financial advisor.
When viewed together, the three different studies show the value and importance of working with a financial advisor. From our perspective, the best results are when we can act as part of the team to assist you with your goals: setting them, creating a strategy to reach them, and adjusting the strategy as circumstances change. Most people without an advisor seem to either make too many changes when the situation calls for staying with the strategy, or not changing the strategy enough as circumstances warrant it.